My Pop, a bus driver in Buffalo, worked until the mandatory retirement age of 70. He and my Mom lived on Social Security along with his modest pension. One Christmas, Pop couldn't get into the spirit of the season. The next day, he confided that the next year health care premium increases would consume his entire pension check, and then some. I can only imagine how my parents' lives would have been affected if Pop's pension had been cut in retirement.
Last month, we heard the news about the City of Detroit filing for Chapter 9 bankruptcy protection in federal court, becoming the largest city to ever do so. The city's financial crisis threatens the retirement security of more than 30,000 active and retired employees, and almost immediately, lawsuits were filed in state court to protect Detroit's two pension funds during the city's restructuring.
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